Banc of California (NYSE:BANC) Given Neutral Rating at Wedbush

Banc of California (NYSE:BANC)‘s stock had its “neutral” rating reissued by stock analysts at Wedbush in a research note issued on Wednesday, Benzinga reports. They presently have a $14.00 price target on the bank’s stock. Wedbush’s price target points to a potential upside of 6.46% from the company’s previous close.

Several other research analysts have also commented on the company. Truist Financial boosted their price target on Banc of California from $13.00 to $15.00 and gave the stock a “hold” rating in a research report on Wednesday. Wells Fargo & Company reduced their price target on Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 9th. Stephens reduced their price target on Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 14th. Barclays reduced their price target on Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Wednesday. Finally, DA Davidson reduced their price target on Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a research report on Wednesday, May 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $15.81.

Banc of California Stock Down 4.9 %

NYSE BANC traded down $0.68 on Wednesday, reaching $13.15. 1,775,338 shares of the stock traded hands, compared to its average volume of 2,414,756. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. The company has a fifty day moving average price of $13.39 and a 200-day moving average price of $13.85. The company has a market cap of $2.07 billion, a price-to-earnings ratio of -3.95 and a beta of 1.14. Banc of California has a 12 month low of $9.96 and a 12 month high of $16.08.

Banc of California (NYSE:BANC) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). The firm had revenue of $492.38 million for the quarter, compared to the consensus estimate of $271.42 million. Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. During the same period last year, the firm earned $0.32 earnings per share. As a group, research analysts forecast that Banc of California will post 1.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other Banc of California news, CEO Jared M. Wolff purchased 7,130 shares of the stock in a transaction on Thursday, April 25th. The shares were bought at an average price of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the transaction, the chief executive officer now owns 268,695 shares of the company’s stock, valued at approximately $3,756,356.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 7.37% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Banc of California

A number of hedge funds have recently bought and sold shares of the business. Louisiana State Employees Retirement System boosted its position in Banc of California by 1.7% during the second quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock worth $892,000 after purchasing an additional 1,200 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Banc of California by 146.3% during the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after acquiring an additional 1,273 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Banc of California in the second quarter valued at approximately $2,953,000. Assenagon Asset Management S.A. increased its holdings in shares of Banc of California by 36.8% in the second quarter. Assenagon Asset Management S.A. now owns 116,041 shares of the bank’s stock valued at $1,483,000 after purchasing an additional 31,246 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of Banc of California by 380.1% in the second quarter. SG Americas Securities LLC now owns 48,650 shares of the bank’s stock valued at $622,000 after purchasing an additional 38,516 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Company Profile

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.